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Press Release: Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market to Surpass US$ 7,832.4 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market – Insights
Global apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market was valued at US$ 4,952.4 Mn in 2018, and is expected to exhibit a CAGR of 5.1% over the forecast period to reach US$ 7,832.4 Mn in 2027. Europe accounted for the largest revenue share in the global apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market in 2018. The India market is expected to grow at a significant rate over the forecast period, followed by rest of Asia Pacific.
Figure. Global Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market Size 2017 & 2027
-testing-inspection-and-certification-(tic)-market-fig-1.png "Apparels, Footwear & Leather Goods (AFL) Testing, Inspection & Certification (TIC) | Coherent Market Insights")
Source: Coherent Market Insights, 2018-19
The Asia Pacific market is witnessing high growth due to increasing demand for cost effective learning management solutions. Moreover, increase in the number of start-ups operating in the e-learning industry has aided growth of the apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market in this region. There has also been a marked shift from traditional methods to technology driven methods in the recent past. For instance, in 2013, Oracle introduced 'Oracle Learn Cloud 13A' with advanced apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) management and delivery features in the Asia Pacific region.
Increasing Demand for Leather Footwear and Goods in Emerging Economies
There has been increasing awareness regarding latest market trends among shoppers. For instance, consumers opt for products which are made from high quality materials. This, in turn, has led to rise in demand for high quality products, which is expected to drive the market growth in the near future.
Moreover, consumers are rapidly aligning towards latest designs and innovative leather offerings in order to match with changing fashion trends. Owing to rising demand for leather garments and footwear, the leather goods industry is witnessing growth in emerging economies.
In several countries across the globe, there is higher preference for quality and standardization among consumers. As a result, leather manufacturers offer sustainable products by avoiding use of harmful chemicals and dyes. India is one of the largest exporters of leather garments, leather goods, and also one of the largest producers of leather footwear.
For instance, according to the India Brand Equity Foundation (IBEF), the total leather good exports from India were valued at US$ 3.05 billion during April-October 2018. The major markets for leather products produced in India include Germany, U.S, U.K., France, and Italy. Therefore, providers of quality and safety services are setting up testing facilities in India, in order to offer leather and footwear testing services to leather manufacturers. As a result, testing services are expected to help manufacturers offer products with high standards of quality and safety to end-users, and also ensure that leather goods that are manufactured are compliant with globally acceptable standards.
Figure. Global Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market Share (%), by Region, 2017
-testing-inspection-and-certification-(tic)-market-fig-2.png "Apparels, Footwear & Leather Goods (AFL) Testing, Inspection & Certification (TIC) | Coherent Market Insights")
Source: Coherent Market Insights, 2018-19
Asia Pacific Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) market is expected to witness highest growth during the forecast period
Asia Pacific apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market is expected to reach US$ 1,731.9 Mn by 2027, exhibiting a CAGR of 5.6% over the forecast period. The growth of Asia Pacific apparels, footwear, and leather goods TIC market is attributed to increasing international trade, and increasing exports from Asia Pacific to Europe. These exports from emerging economies of Asia Pacific region are required to conform to various standards of Europe and North America, which is expected to facilitate growth of the apparels, footwear, and leather goods TIC market in the region. For instance, according to the IBEF, India's overall textile exports during FY 2017-18 were valued at US$ 39.2 billion in FY 2018, and are expected to reach US$ 82.00 billion by 2021 from US$ 31.65 billion in FY 2019 (up to January 2019). Furthermore, to sell textile products such as clothing, home textiles, and accessories in China, India needs to adhere to stringent national standards for textile products, such as the Chinese GB standards.
Global Apparels, Footwear, and Leather Goods (AFL) Testing, Inspection, and Certification (TIC) Market: Key Players
Major players operating in the global apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) industry include Intertek Group plc., Bureau Veritas SA, TUV Rheinland Group, SGS S.A., Underwriters Laboratories Inc., TÜV SÜD, CTC Groupe, Eurofins Scientific, QIMA, and Hohenstein.
Apparels, footwear, and leather goods (AFL) testing, inspection, and certification (TIC) market study analyzes testing services such as physical testing, chemical testing, colorfastness testing, and other testing services; third-party audits and inspection services, and certification services. Increasing disposable income and rapid urbanization in emerging economies is propelling growth of the testing inspection and certification (TIC) market in the apparel, footwear, and leather goods industry.
Market Drivers: Increasing Disposable Income and Rapid Urbanization in Emerging Economies
Increasing disposable income and rapid urbanization in emerging economies such as India and China is propelling growth of the apparel, footwear, and leather goods (AFL) testing inspection, and certification (TIC) market.
Development of various sectors including textile, footwear, and others in emerging economies has resulted in a rapidly growing disposable income. For instance, according to World Bank Group, India’s gross per capita income grew to US$ 2,020 thousand in 2018 from US$ 1,830 thousand in 2017. Testing, inspection, and certification services play an important role in product quality improvement in the aforementioned sectors. Increasing disposable income leads to higher demand for products, thereby increasing goods manufacturing and consequently driving demand for testing, inspection, and certification services.
Key features of the study:
Detailed Segmentation:
Table of Contents
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